MFA arts 2017: FUNDING AND DECISIONS

[Tim D]

I saw this type of thread a few years back and thought I would open the topic to anyone who wants to discuss their funding and decision making process to the schools they got accepted in to

[meghanmetier]

I got accepted into Pratt with a $30k scholarship. But even with that I'd have to pay $60k in tuition and cost of living in NYC so.... I don't know if I should go. I like the program and see myself doing well and am impressed with the work coming out of there. Maybe I should ask for more funding? I tried emailing a few grads to ask if they advise going there and if the debt is manageable with no response. 

Still waiting to hear from Tyler, if I get in there I'd go there. 

[Causofit]

Hmmm.. this is going to be interesting for me as well.

 

[Tim D]

I received a fellowship and a Wingate scholarship that should cover the majority of my funding. For what is not covered I'm told there is a lot of assistantship opportunities I can pursue. Since the offer is from my number one school the decision was pretty easy.

 

Edited March 3, 2017 by Tim D

[Impartial]

On 3/1/2017 at 6:34 PM, meghanmetier said:

I got accepted into Pratt with a $30k scholarship. But even with that I'd have to pay $60k in tuition and cost of living in NYC so.... I don't know if I should go. I like the program and see myself doing well and am impressed with the work coming out of there. Maybe I should ask for more funding? I tried emailing a few grads to ask if they advise going there and if the debt is manageable with no response. 

Still waiting to hear from Tyler, if I get in there I'd go there. 

All prospective grad students should keep in mind that many of these private programs are businesses, and thus, you are one of their clients. As a client, I would ask myself if I'm making a good investment, which depends on personal financial circumstances:

1. Do I already have debt?
2. Do I already have decent savings?
3. Will the school help get my work and/or teaching practice to a level that will allow me to pay back the debt in a short amount of time (e.g. material resources, good studio, career guidance, alumni network)?
4. How much money would I have to earn right out of school to make my minimum payments?
5. How many years will it take me to pay back my debt if I'm earning an avg salary for my profession?
6. How much am I saving annually right now?

$60K tuition cost + living expenses for NY is serious money. With cheap rent and roomies, you can scrounge by in parts of Brooklyn or Ridgewood for $24-35K/yr depending on your lifestyle. That's over $108K (low-end) in two years including tuition. Once you leave school, the last thing you want to do is have to get a full-time office job to pay that down! 

My advice is to set a budget for what is your realistic cost of going to grad school, and maybe disregard that figure if and only if the school is your #1 pick––a special dream opportunity. A school won't make or break your art career; it's your ability to keep making good art!